Petition by a debtor
Article 7 of the law “On economic insolvency (bankruptcy)” sets out the basic conditions for a debtor to file a bankruptcy petition.
The grounds for a company to file a bankruptcy petition (hereinafter referred to as the “bankruptcy petition”) is its inability to pay debts if this inability takes on a permanent aspect.
The debtor may file a bankruptcy petition with a commercial court under circumstances clearly indicating that it will not be able within the prescribed time limit to perform its obligations (including obligations to pay salaries/wages) owing to its inability to pay debts becoming permanent (in anticipation of bankruptcy).
The decision on filing a bankruptcy petition for an LLC (company, etc.) is taken by the body with the right to decide about its liquidation. For business companies (LLC, ALC, CJSC, OJSC), it is the General Meeting of Founders (Shareholders); for a unitary enterprise it is the founder.
Within 10 days from the date of the submission of the bankruptcy petition (by the company itself or by others), the debtor is obliged to notify its employees.
The list of documents to be enclosed with the bankruptcy petition is set out in Article 24 of the Law “On economic insolvency (bankruptcy)”. In addition to the documents attached to the statement of claim in accordance with the Code of Commercial Procedure of the Republic of Belarus, documents confirming the existence of a debt, as well as the fact that the debtor is unable to satisfy the claims of creditors in full, and those supporting other circumstances to which the petition of the debtor refers should be attached to the bankruptcy petition.
The following documents should also be attached to the bankruptcy petition:
- a list of creditors and debtors of the applicant with a breakdown of payables and receivables, with their postal addresses and bank details;
- the balance sheet as of the last reporting date or documents replacing it, documents on the composition and value of the property of the debtor who is an individual entrepreneur or copies thereof certified by a notary;
- the decision of founders (members) of the legal entity debtor or the owner of the property of the debtor that is a unitary enterprise on the filing with a commercial court of the bankruptcy petition or its copy certified by a notary, except where in accordance with this Law the debtor is required to file the bankruptcy petition;
- the minutes of the meeting of the debtor’s employees or a copy thereof certified by a notary, where a representative of the debtor’s employees was elected to participate in the bankruptcy case, if the meeting was held prior to the submission of the bankruptcy petition.